Form 901-P Instructions
Who Must File:
All business concerns, corporations, partnerships or individuals are required by Oklahoma
law to le each year a statement of taxable assets as of January 1, that are located in this
county and are not specically exempt from ad valorem taxation by payment of gross
production tax. The rendition must be signed by an owner, partner, or ofcer of the business
concern or designated agent.
What is Included:
Taxable assets rendered on this form should only include those assets that are not exempt by pay-
ment of gross production tax. The Tax Commission has published rule 710:10-8 concerning property
eligible for exemption from ad valorem taxation pursuant to the provisions in paragraphs (R) and (S)
of Section 1001 of Title 68. Both the rule and statutory reference can be found on the OTC website:
www.tax.ok.gov. They may also be obtained from the Ad Valorem Tax Division.
Penalties:
Failure to le by March 15 will subject the taxpayer to a mandatory penalty of ten (10) percent, or a
twenty (20) percent penalty if not led by April 15th (68 O.S. Section 2836 (C). Any omitted property
pursuant to 68 O.S. Sections 2843 and 2844 shall also be subject to penalty and interest from the
time of discovery not to exceed fteen (15) years on real property and three (3) years on personal
property.
Taxpayers Filing Form 901-P:
Attach a complete detailed listing of all taxable assets grouped by description, year acquired
and total acquisition cost. Use OTC Schedule 904-3-P for individual assets located in specic
school districts. The form is available on the OTC website: www.tax.ok.gov, from the county
assessor or the Ad Valorem Division.
North American Industry Classication Code (N.A.I.C.S.)
This is the six digit Federal Business Activity Code. If unknown, this code may be obtained from the
federal publication of the same name, the Ad Valorem Division, U.S. Department of Census website:
www.census.gov/epcd/www/naicstab.htm or search keyword NAICS.
Total Acquisition Cost:
Report the total new or used cost at time of acquisition. This will include all direct and indirect costs
associated with the asset. Components used to estimate total acquisition cost may include but not be
limited to repair or reconditioning of an asset to place the asset in working condition.
Year Acquired...
Acquisition or purchase date, new or used. Depreciation cannot be correctly calculated without the
acquisition date.
Leasehold Improvements...
Report total cost and a detailed description of improvements to property owned by others. Do not
report building expansions or repairs that are otherwise included in the real estate value of the build-
ing. Report only those improvements that are “tenant” specic. This may include interior modications
such as partitions, lighting, electrical, suspended ceilings, etc.
Furniture and Fixtures:
Ofce desks, chairs, credenzas, le cabinets, tables, booths, modular cubicles, book cases, racks
and other such items.
Ofce Equipment:
Calculators, copiers, blueprint machines, plotters, fax machines, shredders, postage machines,
telephone equipment, lunch room or kitchen appliances and other such items.
Computer Equipment:
Items included: computer hardware, monitors, drives, and other such hardware components. Custom
software is exempt as an intangible.
Processing Plants:
Any renery, gas extraction, purication or other such processing facilities, including all equipment
used in the processing of oil, natural gas, carbon dioxide or other liquid hydrocarbons which are not
otherwise specically exempt from ad valorem taxation by payment of gross production tax.
Tools, Machinery and Equipment:
Fuel in storage, gas in storage, tanks, pumps, signs, miscellaneous tools, power equipment, fork lifts,
mobile yard cranes, tractors, non-tagged vehicles or trailers, drilling rig equipment and other such
items which are not otherwise specically exempt from ad valorem taxation by payment of gross
production tax. Do not list current licensed and tagged vehicles.
Meters:
Meters, regulators or devices and all related items used to measure oil, natural gas, carbon dioxide,
or liquid hydrocarbons which are not otherwise specically exempt from ad valorem taxation by pay-
ment of gross production tax.
Pipeline:
List the size and length of pipe used in the gathering or transmission of oil, natural gas, carbon diox-
ide, liquid hydrocarbons or other such products. This will include steel, PVC, polyethylene, including
any pipe, wrappings, coatings, protection devices, and other costs directly or indirectly related to the
asset, which are not otherwise specically exempt from ad valorem taxation by payment of gross
production tax.
Booster/Compressor Stations:
Compressor stations including tanks, pipe, valves, measuring or regulatory devices or other related
equipment not used for production purposes at the well site and not specically exempt from ad
valorem taxation by payment of gross production tax.
Valve Stations:
Valves or groups of valves used in the collection, distribution, gathering or transmission of oil, natural
gas, carbon dioxide, or any other liquid hydrocarbons. Include launchers, receivers, meters, tanks,
pipe and other related equipment which are not specically exempt from ad valorem taxation by pay-
ment of gross production tax.
Leased To/From Others:
Leased assets which are leased to/from others and are not specically used in the production process
and are not exempt from ad valorem tax by payment of gross production tax. List lessee/lessor, ad-
dress, asset type, description, total acquisition cost and age at acquisition. Additional pages may be
attached to this form or OTC Form 904-3-P if necessary.
Inventories:
Add the total monthly inventories. Divide the sum by the number of months in business for the year
to determine the average inventory. Inventories held for others or consigned must be reported sepa-
rately. Inventory which may be exempt must be claimed on the Freeport Exemption Form OTC 901-F
which should be led with the OTC Form 901-P.
If the Business is Sold, Closed or Name Changed:
To avoid possible incorrect or duplicate assessment, taxpayers should provide information as follows:
• Business Sold: Date of sale, name and address of new owner.
• Business Closed: Date of closing and date that all personal property was disposed. Report the
location and total value of any remaining personal property still owned on the assessment date of
January 1. This will also include any assets in storage.
• Business Name Change: Date of name change and new name.
Any detailed information that could clarify any of the above events should be included.
School District:
For distribution of values to the appropriate school districts, use the OTC 904-3-P when reporting
individual assets located in different school districts. The OTC Form 901-P is the total asset reporting
form for the business entity.
Maps:
Enclose a detailed map noting the location of all taxable assets. This is especially important in the
case of various taxable pipeline systems for correct assessment.
Intangible Business Personal Property:
If any intangible property is imbedded in the reported assets the intangible property must be identied
and valued to the county assessor with an impairment study or other such professionally prepared
justication. Supplemental Form 901-IP must be used for any submission.
Part Four: Additions During the Reporting Year
Item
Number
Item Description
Year Acquired
New Used
Total Acquisition
TOTAL
Item
Number
Item Description
Year Acquired
New Used
Total Acquisition
TOTAL
Part Five: Deletions During the Reporting Year
Part Six: Monthly Inventory
January February March April May June
July August September October November December
Average
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Business Personal Property • Petroleum Related - Page 2
